Warner Music Group has reported its finances for both its fiscal fourth quarter and full-year 2021. For the company’s fiscal Q4, revenue was up 22.2 percent, due in part to strong digital growth of 19 percent compared to a year prior. Digital revenue represented 67.3 percent of WMG’s entire revenue for the quarter. Overall, revenue was $1.376 million in fiscal Q4, compared to $1.126 million a year ago.
For the company’s full fiscal 2021, total revenue grew 18.8 percent from $4.463 million a year ago to $5.3 million. This increase was also attributed to strong digital growth, up 21.9 percent vs. fiscal year 2020.
“Music is essential to billions of people across the globe. But now, more than ever, great talent needs help to cut through the noise. By delivering for new artists and songwriters, returning superstars, and global legends, we’ve also delivered outstanding results in 2021,” said Warner Music Group CEO Steve Cooper. “Looking to 2022, we’re excited to release incredible new music from the world’s hottest artists and most influential songwriters. We’re also planning innovative moves and collaborations that will strengthen our leadership position across a vast universe of opportunities, in both the digital and physical worlds.”
“Our strong fourth-quarter results put an exclamation point on an outstanding year,” said Lou Dickler, WMG Acting CFO. “Even as certain revenue was impacted by COVID, the strength and resilience of our music propelled us to double-digit revenue growth and margin expansion in 2021. As the possibilities for music continue to evolve, we remain focused on delivering shareholder value through our financially disciplined investment strategy and positioning ourselves for the next wave of growth.”
